George Louis Theodule of Wellington, Florida was arrested Friday for organizing a Ponzi scheme that duped investors out of nearly $60 million, a press release from the United States Attorney for the Southern District of Florida indicates. Theodule, 52, was booked into police custody on 36 counts of wire fraud, three counts of money laundering, and one count of securities fraud. It was unclear whether he qualified for bail bond. The press did not say whether Theodule had obtained a defense attorney.
Little is known about Theodule’s background. He allegedly told investors that he had 17 years of experience working as a successful stock trader. According to sources, however, Theodule did not make a good living as an investor and did not have any reported income between 2000 and 2007. Several years ago, the U.S. Securities and Exchange Commission filed a civil lawsuit against Theodule and his businesses in an effort to put a halt to his “ongoing fraud,” reports say. That effort appears to have been successful at stopping the alleged scheme.
The indictment says that the scheme operated from July 2007 and December 2008. According to reports, Theodule owned and operated two investment firms called Creative Capital Consortium and Creative Capital Concepts. Theodule created and organized the creation of “investment clubs” in the South Florida area and various other places throughout the U.S. The scheme primarily targeted the Haitian community, the indictment alleges. Theodule and his conspirators reportedly offered investors the opportunity to double their money in three months through the clubs.